Charles Hoskinson Proposes Cardano Foundation Relocation to Abu Dhabi or Wyoming

Cardano founder Charles Hoskinson has proposed relocating the Cardano Foundation from Switzerland to jurisdictions such as Abu Dhabi and Wyoming. This change would allow users to elect their board members, enhancing community involvement in governance.

In a recent post on the X platform, Hoskinson urged the Cardano community to scrutinize the Foundation's board structure and decision-making process. Currently, board members are appointed by the Swiss government without community input. He raised concerns about past decisions made by the Foundation and its ties with Intersect.

Hoskinson criticized the Foundation's continued presence in Switzerland while advocating for more inclusive governance models in alternative jurisdictions. He stated:

“The foundation shouldn’t be in Switzerland. There are many jurisdictions that allow for different DLT foundations like Abu Dhabi or Wyoming. The community could design with the CF a new structure, and the CF could grant the funds to this structure.”

Established in 2016, the Cardano Foundation operates under Swiss law, which prohibits community-based board elections. Despite initiatives aimed at increasing transparency, calls for leadership restructuring persist. The Foundation plans to host an X Spaces series featuring senior leadership to provide insights into its operations.

Cardano (ADA) Price Action Ahead

Cardano's native cryptocurrency, ADA, recently participated in a broader crypto market rally following Donald Trump's victory. However, over the last two weeks, ADA has experienced a correction, dropping over 20% from a peak of $1.22 in early December.

In the past 24 hours, ADA's price fell by 6.5% amid a decline in the altcoin market preceding the FOMC meeting. Currently finding support at $1.0, market analysts are optimistic about a potential rally.

Crypto analyst Ali Martinez reported that Cardano whales took profits as the price rose from $1.15 to $1.33. After the price dipped to $0.91, these whales resumed buying, accumulating 160 million ADA since the drop.

Market analysts predict ADA's price may rise to $1.67 by year-end, with some forecasting targets above $3.